RIL shares slide 9%

MUMBAI: Index heavyweight Reliance Industries slid more than 9 per cent Wednesday putting pressure on the key indices.

There were media reports that the country's largest private sector company has closed five of its seven polyester and petrochemical units at Patalganga near Mumbai soon after offering exit option to employees. The move, which comes in the backdrop of a global slowdown, aims to improve profit margin amid falling demand for polyester products worldwide. The Patalganga manufacturing division is spread over 200 acres. According to the company web site, RIL has invested about Rs 3,000 crore at the location.

At 11:45 am, the company's shares were down 8.51 per cent at Rs 1328, recovering marginally from an intra-day low of Rs 1305.